I pointed before the up channel on 4h & reposting the chart. Notice on daily we are testing 50% fib for last move from 1.7041 to 1.4234. On hourly you can see we have a nice ABCD pattern with AB= CD. Higher we have 1.58 resistance area & 1.5987 61.8% fib. Also we had 4 up daily candle, usually we don't exceed that number & move to consolidation before resuming the trend.

3 comments:

Yep I noticed cycles are very important on many time frames. Eurusd too seem having a maximum 6 day moves same direction in extreme trends and usually 3-4 days same direction. Also all the other stuff fib / support offering more support for a retracement move.